Deck 11: Customer-Driven Marketing

Question 1

_____ is best described as a group of activities designed to expedite transactions by creating,distributing,pricing,and promoting goods,services,and ideas.

A)Auditing
B)Marketing
C)Recruiting
D)Bootstrapping
E)Brainstorming

Answer 1

B

Question 2

Buying behavior includes the behavior of both consumers purchasing products for personal or household use as well as organizations buying products for business use.

Answer 2

True

Question 3

Ryan has produced 1,000 jars of pickled oranges,using the oranges in his orchard.By concentrating his efforts on advertising and publicity,he is trying to encourage people to notice and buy his product.Through his promotional activities,Ryan is primarily engaging in the marketing function of _____.

A)financing
B)grading
C)warehousing
D)buying
E)selling

Answer 3

E

Question 4

The customer value of a product refers to anything a buyer must give up to obtain the benefits the product provides.

Question 5

Warehouses hold some products for lengthy periods in order to:

A)standardize products.
B)facilitate smooth transportation.
C)create time utility.
D)lower fixed costs.
E)expedite a purchase.

Question 6

Burgerama Inc.,a popular fast-food chain,is famous for its French fries and hash browns.It is one of the few fast-food chains to exclusively use the potatoes from its own farms.However,its potatoes can be harvested for only three months of the year.Which of the following marketing functions can Burgerama employ to achieve time utility and satisfy year-round demand for its exclusive French fries and hash browns?

A)Grading
B)Selling
C)Storing
D)Buying
E)Financing

Question 7

When a packer in the frozen foods section of a grocery store labels a meat steak with little or no fat as "AA" and another meat steak with more fat as "AB," the packer is primarily engaging in the marketing function of _____.

A)buying
B)grading
C)scoring
D)storing
E)financing

Question 8

At the heart of all business is the_____,the act of giving up one thing in return for something else.

A)collusion
B)marketing strategy
C)manipulation
D)exchange
E)risk management

Question 9

Marketing activities best create value by:

A)focusing exclusively on selling and advertising.
B)using unsystematic approaches to satisfying consumers.
C)manipulating consumers to get them to buy products they do not want.
D)allowing individuals and organizations to obtain what they need and want.
E)working independently of other functional areas of business-such as operations.

Question 10

Which of the following is a condition required for an exchange to take place?

A)Each participant must hold on to his or her respective "something of value."
B)Buyers and sellers must be able to communicate about the "something of value" available to each.
C)The items of value offered by the buyers and sellers must be tangible in nature,such as money and cars.
D)Products on offer should be standardized by sellers.
E)Marketers should conduct research to ascertain the need for new goods and services.

Question 11

_____ is the process of moving products from the seller to the buyer.

A)Selling
B)Transporting
C)Grading
D)Storing
E)Buying

Question 12

Creating an innovative product that meets many users' needs is sufficient in today's volatile global marketplace.

Question 13

For the success of products launched by companies,it is important that:

A)marketing is aggressive and alienated from other functional areas.
B)marketing endeavors are directed solely at manipulating consumers.
C)all areas of management are coordinated with marketing decisions.
D)marketing environment changes constantly.
E)one environmental force is not interconnected with another environmental force.

Question 14

_____ has the important function of providing revenue to sustain a firm.

A)Accounting
B)Recruitment
C)Operations
D)Marketing
E)Finance

Question 15

_____ is the chance of loss associated with marketing decisions.

A)Value
B)Utility
C)Liability
D)Risk
E)Cost

Question 16

It is necessary for nonprofits,government institutions,and even people to market themselves to spread awareness and achieve desired outcomes.

Question 17

Trying to determine customers' true needs is difficult because no one fully understands what motivates people to buy things.

Question 18

The exchange process is expedited through:

A)branding.
B)storing.
C)grading.
D)buying.
E)selling.

Question 19

Which of the following has most likely taken place when a customer at a bakery hands a cashier $5 for a loaf of bread?

A)Collusion
B)Monopoly
C)Donation
D)Exchange
E)Coercion

Question 20

By paying the cashier at a spa for services,a customer engages in the process of:

A)barter.
B)monopoly.
C)price fixing.
D)marketing.
E)exchange.

Question 21

Which of the following is a nonmonetary cost associated with purchasing a car?

A)The interest rates on the car loan
B)The registration of the car
C)The excise taxes paid on the car
D)The monthly installments of the car loan
E)The time taken to test drive various car models

Question 22

During the first half of the 20^th century,businesspeople viewed _____ as the primary means of increasing profits.

A)production
B)promotion
C)sales
D)marketing
E)value creation

Question 23

Why is customer relationship management important in a market orientation?

A)It can result in loyal and profitable customers.
B)It controls the rate at which trends,fashions,and tastes can change.
C)It reduces fixed costs for businesses.
D)It overlooks efficient production.
E)It shifts the focus from existing to new customer bases.

Question 24

Which of the following activities is associated with the process of grading?

A)Labeling
B)Storing
C)Advertising
D)Selling
E)Researching

Question 25

During the period of _____ orientation,the supply of manufactured goods caught up with and then exceeded demand,which made businesspeople believe that extensive promotion was the only way to persuade customers to buy their products.

A)production
B)trade
C)sales
D)market
E)demand

Question 26

In the context of the marketing concept,which is the first step that a business must take?

A)Develop durable goods.
B)Find out what consumers desire.
C)Produce innovative products.
D)Promote new products.
E)Build a brand name.

Question 27

In the context of the evolution of the marketing concept,the era of production orientation was characterized by _____.

A)the development of new technologies that made it possible to manufacture goods with ever increasing efficiency
B)a belief that sales were the primary means of increasing profits
C)the view adopted by businesspeople that advertising and personal selling were the primary means of increasing profits
D)the realization of entrepreneurs that they must first determine what customers want and then produce it
E)a belief that it was more effective to retain existing customers than it was to find new ones

Question 28

_____ include anything a buyer must give up to obtain the benefits the product provides.

A)Overhead costs
B)Customer costs
C)Manufacturing costs
D)Variable costs
E)Promotional costs

Question 29

_____ is the goal of the marketing concept.

A)Product orientation
B)Productivity boosting
C)Customer satisfaction
D)Asset turnover
E)Sales orientation

Question 30

The market orientation approach emphasizes:

A)extensive promotional activities.
B)determining what customers want first and then producing it.
C)efficient production of goods.
D)making the products first and then trying to persuade customers that they need them.
E)profits at the expense of customer satisfaction.

Question 31

During the first half of the 20^th century,the marketing activities were primarily concentrated around:

A)personal selling.
B)product customization.
C)efficient production.
D)mass production.
E)predatory pricing.

Question 32

Which of the following is an ineffective practice to follow while implementing the marketing concept?

A)Using the customer's perception of value as the ultimate measure of work performance
B)Striking a balance between achieving organizational objectives and satisfying customers
C)Adopting a product orientation instead of a consumer orientation to deliver the right good or service
D)Involving the entire organization instead of only the marketing department in achieving customer satisfaction
E)Adapting products and services according to the changing consumer needs and wants

Question 33

Through _____,marketers ascertain the need for new goods and services.

A)selling activities
B)grading activities
C)research programs
D)promotions
E)campaigns

Question 34

To gain an edge,businesses must:

A)refrain from making changes to their existing range of products.
B)launch products into the market directly instead of wasting time in determining what the customers desire.
C)continually alter,adapt,and develop products to keep pace with changing consumer needs.
D)engage in activities of price fixing with competitors.
E)view customer's perception of value as the sole measure of work performance.

Question 35

In which of the following scenarios is a business least likely to survive?

A)When a business continually alters,adapts,and develops products to keep pace with changing customer needs and wants
B)When a business finds out what consumers desire and then develops goods,services,or ideas accordingly
C)When a business views customer's perception of value as the ultimate measure of work performance and improving value
D)When a business focuses only on customer satisfaction and not on its own objectives such as boosting productivity
E)When a business sells ideas,benefits,philosophies,and experiences-not just goods and services

Question 36

For greater accessibility,Hakin Inc.has placed its products at every popular superstore.The convenience provided by the company is an example of:

A)nonmonetary costs.
B)tangible costs.
C)variable costs.
D)fixed costs.
E)overhead costs.

Question 37

A customer's subjective assessment of benefits relative to costs in determining the worth of a product is known as _____.

A)risk
B)value
C)cost
D)price
E)profit

Question 38

A market orientation requires organizations to:

A)make the products first and then try to persuade customers that they need them.
B)focus exclusively on sales to increase profits.
C)engage in price fixing activities with competitors.
D)gather and use customer information to help build long-term relationships with customers.
E)employ the product cannibalization strategy.

Question 39

_____ refers to standardizing products by dividing them into subgroups and displaying and labeling them so that consumers clearly understand their nature and quality.

A)Transporting
B)Grading
C)Selling
D)Storing
E)Financing

Question 40

Which of the following factors should be the driver of marketing strategy?

A)Medium of communication
B)Customers
C)Sellers
D)Medium of transportation
E)Promoters

Question 41

Highland Green is a group of luxury hotels that caters exclusively to high-end customers who form a small part of the market.The hotel has incorporated all possible luxuries to satisfy these customers.The marketing approach employed by Highland Green best exemplifies:

A)niche marketing.
B)multi-segment marketing.
C)mass marketing.
D)the total-marketing approach.
E)the contingency approach.

Question 42

True Pharmaceuticals manufactures and sells a variety of drugs for a large market consisting of people of different genders,ages,educational backgrounds,lifestyles,geographic locations,and income levels.It assumes that all buyers have similar medical needs and wants.In this scenario,True Pharmaceuticals is most likely demonstrating a _____ to marketing.

A)niche-market approach
B)total-market approach
C)concentration approach
D)differentiated-market approach
E)multi-segment approach

Question 43

Red Unicorn Inc.is a company that manufactures wooden planks for construction.It has categorized its customers on the bases of their product requirements into construction companies,wholesalers,and government institutions.Which of the following marketing strategies is best illustrated in this scenario?

A)Mass production
B)Market segmentation
C)Market positioning
D)Product differentiation
E)Product diversification

Question 44

Kemmen Foods,a company that manufactures and sells breakfast cereals,has customized its cereal flavors to suit different lifestyles,personal tastes,and age groups.For example,it makes organic cereals for its health-conscious customers and colorful cereals with cartoon characters for children.Which of the following market segment approaches is Kemmen Foods using in this scenario?

A)Niche market approach
B)Mass market approach
C)Total-market approach
D)Concentration approach
E)Multi-segment approach

Question 45

Ferava Inc.is a company that markets its products-luxury wristwatches-exclusively to high-income individuals and celebrities.Thus,high-income individuals and celebrities are most likely Ferava Inc.'s _____.

A)total market
B)control group
C)reference group
D)target market
E)secondary market

Question 46

The first step in developing a marketing strategy is:

A)cultivating effective customer relationships.
B)attracting new customers.
C)selecting a target market.
D)developing an appropriate marketing mix.
E)conducting a SWOT analysis.

Question 47

A _____ is a plan of action for developing,pricing,distributing,and promoting products that meet the needs of specific customers.

A)marketing strategy
B)contingency plan
C)market evaluation
D)mission statement
E)SWOT analysis

Question 48

Firms which use a total-market approach are most likely to:

A)target specific groups of customers.
B)manufacture custom-made products.
C)assume that all buyers have similar needs and wants.
D)sell premium products.
E)refrain from appealing to everyone in the market.

Question 49

During the _____ phase of the marketing concept,businesses found that they must first determine what customers want and then produce it,rather than making the products first and then trying to persuade customers that they need them.

A)trade orientation
B)production orientation
C)sales orientation
D)market orientation
E)demand orientation

Question 50

Which of the following requires organizations to gather information about customer needs,share that information throughout the firm,and use it to help build long-term relationships with customers?

A)Quality orientation
B)Production orientation
C)Sales orientation
D)Market orientation
E)Competitor orientation

Question 51

Which of the following products is most suitable for selling through a total-market approach?

A)Luxury cars
B)Anti-aging creams
C)Salt and sugar
D)Jewelry items
E)Consumer electronics

Question 52

In _____,all marketing efforts are on one small,well-defined market segment that has a unique,specific set of needs.

A)niche marketing
B)mass marketing
C)differentiated marketing
D)total marketing
E)multi-segment marketing

Question 53

Electronica Inc.is a mobile phone retailer who sells smartphones to high school students at easily affordable prices.The company has one marketing strategy for the entire market of high school students and focuses all its efforts on this one segment.In this scenario,Electronica Inc.is most likely using the _____ for marketing its smartphones.

A)total-market approach
B)differentiated approach
C)multi-segment approach
D)concentration approach
E)mass market approach

Question 54

In the _____,the marketer aims its marketing efforts at two or more segments,developing a marketing strategy for each.

A)niche approach
B)concentration approach
C)total-market approach
D)multi-segment approach
E)mass-marketing approach

Question 55

Which of the following is most likely the primary focus of a business that adopts a market orientation?

A)Limiting marketing activities to the marketing department
B)Using advertising and personal selling to persuade customers
C)Mass producing goods and services to increase profits
D)Attracting new customers rather than retaining the current ones
E)Building long-term relationships with customers

Question 56

A _____ is best described as a group of people who have a need,purchasing power,and the desire and authority to spend money on goods,services,and ideas.

A)market
B)focus group
C)command group
D)target market
E)market segment

Question 57

Why does the total-market approach work best for sellers of salt and sugar?

A)Prices of these products keep fluctuating.
B)These products are catered mostly to women.
C)Customer bases for these products are concentrated around specific areas.
D)These items offer more value.
E)Everyone is a potential consumer of these products.

Question 58

If a company develops an advertising campaign exclusively for a segment of consumers with a certain income and education,which of the following segmentation variables is the company using?

A)Behavioristic
B)Demographic
C)Psychographic
D)Geographic
E)Ethnographic

Question 59

A _____ refers to a specific group of consumers on whose needs and wants a company focuses its marketing efforts.

A)market
B)focus group
C)target market
D)mass market
E)stable market

Question 60

In the _____ to market segmentation,a company develops one marketing strategy for a single market segment.

A)mass market approach
B)total-market approach
C)differentiated approach
D)multi-segment approach
E)concentration approach

Question 61

Which of the following is a psychological variable of buying behavior?

A)Social roles
B)Attitude
C)Reference groups
D)Social classes
E)Culture

Question 62

Derek dislikes buying branded clothes because he claims that they are a waste of money.In this scenario,Derek's buying behavior is most likely related to his:

A)attitude.
B)social role.
C)social class.
D)political orientation.
E)ethical dissonance.

Question 63

Global Mart Inc.,a multinational chain of supermarkets,wants to open a new store in a country called Alheroni.Before launching itself in the new market,the management of Global Mart Inc.wants to collect primary data about Alheroni's market.Which of the following sources of information will it most likely use?

A)The information collected by the census bureau of Alheroni
B)The data collected by government agencies in Alheroni
C)The data collected from anonymous surveys conducted in malls in Alheroni
D)Its own internal records and reports on operations in Alheroni
E)Information about Alheroni from the databases of marketing research firms

Question 64

Den Inc.,a firm dealing with fashion clothing,is contemplating whether to sell its products in brick and mortar stores or to sell them at its online store.To which of the following elements in the marketing mix does this decision most closely relate?

A)Price
B)Process
C)Promotion
D)Product
E)Place

Question 65

Gear Power Inc.,an automobile company,manufactures different cars for different market segments.It markets its SUVs for customers who live in the mountains,sedans for customers in the coastal plains,and smaller hatchback cars for those in big cities.In this scenario,Gear Power Inc.is primarily using _____ variables of market segmentation.

A)demographic
B)psychographic
C)geographic
D)behavioristic
E)ethnographic

Question 66

Anna is an environmental activist who avoids buying paper-based products unless they are made from recycled paper.Which of the following psychological factors is primarily responsible for Anna's buying behavior in this scenario?

A)Attitude
B)Social role
C)Social class
D)Culture
E)Self-efficacy

Question 67

Which of the following is a social variable of buying behavior?

A)Perception
B)Motivation
C)Attitude
D)Personality
E)Culture

Question 68

_____ are commonly determined by ranking people into higher or lower positions of respect.

A)Social classes
B)Social roles
C)Reference groups
D)Market segments
E)Functional teams

Question 69

Gift Nation Inc.is deciding whether to sell its products through vending machines outside subway stations or in stores at popular malls.To which of the following elements in the marketing mix does this decision most closely relate?

A)Price
B)Place
C)Promotion
D)Product
E)Process

Question 70

In businesses,the _____ is an important variable-often the central focus-of the marketing mix,based on which the other variables are adjusted.

A)price
B)distribution
C)promotion
D)product
E)process

Question 71

Which of the following bases for market segmentation pertains to some characteristic of the consumer's actions toward the product-a characteristic that commonly involves some aspect of product use?

A)Demographic
B)Psychographic
C)Geographic
D)Behavioristic
E)Ethnographic

Question 72

The groups with whom buyers identify and whose values or attitudes they adopt are referred to as:

A)ethnic groups.
B)reference groups.
C)social classes.
D)secondary groups.
E)outgroups.

Question 73

_____ segmentation is done on the basis of age,sex,race,ethnicity,income,education,occupation,family size,religion,social class.

A)Psychographic
B)Demographic
C)Behavioristic
D)Geographic
E)Class

Question 74

_____ refers to the decision processes and actions of people who purchase and use products.

A)Buying behavior
B)Distributing
C)Franchising
D)Entrepreneurship
E)Market orientation

Question 75

In the context of the psychological variables of buying behavior,_____ is the process by which a person selects,organizes,and interprets information received from his or her senses.

A)conditioning
B)perception
C)self-actualization
D)motivation
E)mediation

Question 76

Which of the following is a basis for the psychographic segmentation of markets?

A)Religion
B)Income
C)Education
D)Lifestyle
E)Gender

Question 77

Coral Soul Inc.manufactures a range of body care products.It has separate product lines dedicated to men and women,and each product line has its own range of shower gels,shampoos,and cosmetics.Which of the following bases of market segmentation has Coral Soul Inc.adopted?

A)Demographic
B)Ethnographic
C)Geographic
D)Behavioristic
E)Psychographic

Question 78

Thirst Tip,a beverage manufacturing company,has placed its products strategically in areas where the population density is high.The segmentation done by Thirst Tip is an example of _____ segmentation.

A)demographic
B)psychographic
C)geographic
D)behavioristic
E)ethnographic

Question 79

Prism Phones wants to target college students and young professionals.The company has therefore decided to advertise its cell phones over social networking and other popular websites.Relative to television advertising,this strategy will help Prism Phones save costs and thus allow the firm to sell its phones at more competitive prices.Prism Phones' decision to advertise through different media than the ones adopted by other firms illustrates the _____ activities of the marketing mix.

A)price
B)distribution
C)promotion
D)product
E)profit

Question 80

_____ are a set of expectations for individuals based on some position they occupy.

A)Social classes
B)Social roles
C)Reference groups
D)Market segments
E)Functional teams